Eastern Bank Acquires Shares of 423 Ingersoll Rand Inc. (NYSE:IR)

Eastern Bank acquired a new stake in shares of Ingersoll Rand Inc. (NYSE:IR) during the third quarter, Holdings Channel reports. The firm acquired 423 shares of the industrial products company’s stock, valued at approximately $42,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Capital International Investors boosted its holdings in shares of Ingersoll Rand by 113.7% in the 1st quarter. Capital International Investors now owns 26,166,256 shares of the industrial products company’s stock worth $2,484,486,000 after acquiring an additional 13,919,775 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Ingersoll Rand by 28.4% in the 1st quarter. JPMorgan Chase & Co. now owns 15,977,246 shares of the industrial products company’s stock worth $1,517,040,000 after acquiring an additional 3,535,543 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Ingersoll Rand by 15.3% in the 1st quarter. Capital Research Global Investors now owns 11,316,241 shares of the industrial products company’s stock worth $1,074,477,000 after acquiring an additional 1,504,414 shares in the last quarter. Capital World Investors acquired a new position in shares of Ingersoll Rand in the 1st quarter worth approximately $440,401,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Ingersoll Rand by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,462,558 shares of the industrial products company’s stock worth $314,549,000 after acquiring an additional 224,463 shares in the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IR shares. Barclays boosted their target price on Ingersoll Rand from $101.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Stifel Nicolaus boosted their price objective on shares of Ingersoll Rand from $101.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Robert W. Baird boosted their price objective on shares of Ingersoll Rand from $109.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their price objective on shares of Ingersoll Rand from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley started coverage on shares of Ingersoll Rand in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $102.17.

Ingersoll Rand Stock Performance

Shares of Ingersoll Rand stock opened at $96.12 on Friday. The firm has a fifty day moving average of $94.78 and a two-hundred day moving average of $93.33. The stock has a market capitalization of $38.78 billion, a price-to-earnings ratio of 47.58, a PEG ratio of 2.69 and a beta of 1.42. Ingersoll Rand Inc. has a 52 week low of $59.20 and a 52 week high of $102.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 2.18.

Ingersoll Rand (NYSE:IR) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.06. Ingersoll Rand had a net margin of 11.73% and a return on equity of 13.00%. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.78 billion. As a group, equities research analysts predict that Ingersoll Rand Inc. will post 3.21 EPS for the current year.

Ingersoll Rand Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 14th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.08%. The ex-dividend date is Thursday, November 14th. Ingersoll Rand’s dividend payout ratio (DPR) is 3.96%.

Insider Activity

In other news, insider Andrew R. Schiesl sold 15,381 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $89.74, for a total value of $1,380,290.94. Following the completion of the transaction, the insider now owns 39,486 shares of the company’s stock, valued at $3,543,473.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Elizabeth Meloy Hepding sold 7,500 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $91.42, for a total value of $685,650.00. Following the completion of the transaction, the insider now directly owns 6,559 shares of the company’s stock, valued at approximately $599,623.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andrew R. Schiesl sold 15,381 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $89.74, for a total transaction of $1,380,290.94. Following the completion of the transaction, the insider now directly owns 39,486 shares of the company’s stock, valued at approximately $3,543,473.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,510 shares of company stock valued at $7,108,005 in the last quarter. Company insiders own 0.68% of the company’s stock.

About Ingersoll Rand

Ingersoll Rand Inc provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services air and gas compression, vacuum, and blower products; fluid transfer equipment and loading systems; and power tools and lifting equipment, including associated aftermarket parts, consumables, air treatment equipment, controls, other accessories, and services under the under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle brands, etc.